2018/09 – BoA-ML HC Conference

1. BofA-ML Healthcare Conference
Olivier Brandicourt, Chief Executive Officer
September 14, 2018

2. 2
Forward Looking Statements
This presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their
underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results,
events, operations, services, product development and potential, and statements regarding future performance. Forward-looking
statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates", "plans" and similar
expressions. Although Sanofi's management believes that the expectations reflected in such forward-looking statements are
reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties,
many of which are difficult to predict and generally beyond the control of Sanofi, that could cause actual results and developments to
differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and
uncertainties include among other things, the uncertainties inherent in research and development of new products, including future
clinical trial results and analysis of clinical data (including post-marketing data), decisions by regulatory authorities, such as the FDA
or the EMA, regarding whether and when to approve any drug, device or biological application that may be filed for any such product
candidates as well as their decisions regarding labelling and other matters that could affect the availability or commercial potential of
such product candidates. There are additional risks that may cause actual results to differ materially from those contemplated by the
forward-looking statements, such as the lack of commercial success of certain product candidates once approved, pricing pressures,
both in the United States and abroad, including pharmaceutical reimbursement and pricing, the future approval and commercial
success of therapeutic alternatives, risks associated with intellectual property and any related pending or future litigation and the
ultimate outcome of such litigation, changes in applicable laws or regulations, the impact of cost containment initiatives and
subsequent changes thereto, as well as those risks and uncertainties discussed or identified in the public filings with the SEC and the
AMF made by Sanofi, including those listed under "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements"
in Sanofi's annual report on Form 20-F for the year ended December 31, 2017. Other than as required by applicable law, Sanofi does
not undertake any obligation to update or revise any forward-looking information or statements.

3. 3
Continued Progress on Sanofi’s Strategic Transformation
(1) Bioverativ deal closed March 8, 2018
(2) Subject to the approval of regulatory authorities
(3) Acquisition of Protein Sciences
(4) Collaboration with MedImmune
(5) Collaboration with Regeneron
Sustain innovation
• Accelerate and expand
development of cemiplimab and
dupilumab(5)
• Recent approval for Cablivi™ in
EU; approvals pending for
potentially 5 new drugs/
indications over next 12 months
• Acquisition of Ablynx adds
transformative Nanobody®
technology platform
Drive simplification
• Restructuring of alliance
with Alnylam to obtain
global rights to fitusiran in
hemophilia
• Focused organization
delivered cost savings of
€1.5bn since 2015, one year
ahead of plan
• Refining GBU structure to
drive even greater
organizational focus
Reshape portfolio
• Bioverativ strengthens
leadership in rare diseases(1)
• Ablynx’s Cablivi™ expands rare
blood disorder franchise
• Agreement signed with Advent
to acquire Sanofi’s EU Generics
business(2)
• Vaccines expansion with
Protein Sciences(3) Flublok®
and RSV(4) assets
Execute launches
• Dupixent®(5) launch continues to
exceed expectations
• Steady share gains for
Kevzara®(5) in the U.S.
• Praluent®(5) launch progressing;
ODYSSEY OUTCOMES data
submitted to FDA & EMA in Q2
• Soliqua® 100/33 launch
progressing slower than
anticipated

4. 4
Impact from U.S. Lantus® and Sevelamer LoEs Peak in
H1 2018 Ahead of Expected Progressive Growth Recovery
H1 2018 Company Sales
H1 2018 at CER
€17,301m
Rare Blood
Disorders
+€351m
Pharma,
Vaccines & CHC
+€345m
-€719m
H1 2017
€17,324m
-0.1%
at CER
LoE: Loss of Exclusivity; CER: Constant Exchange Rates
(1) Excludes U.S. Lantus®, U.S. sevelamer and Rare Blood Disorders franchise
(2) EU Generics sales decreased -€18m at CER
(3) Bioverativ sales consolidated as of March 9, 2018
U.S. Lantus®,
U.S. sevelamer (3)(1,2)

5. 5
Several Potentially Significant Approvals for New Drugs
and Additional Indications over the Next 12 Months
Q3 Q4 Q1 Q2 Q3
Potential
approvals(2)
CabliviTM (caplacizumab) in aTTP(1) (EU) 
Cemiplimab(3,4) in locally advanced CSCC
Dupixent®(5) in Asthma in Adults and Adolescents
Praluent®(5,6) ODYSSEY OUTCOMES label update
ZynquistaTM(8) (sotagliflozin) in Type 1 Diabetes
Dupixent®(2,5,7) in Atopic Dermatitis in Adolescents
Expected
pivotal trial
read-outs
MenQuadTT in Advanced meningococcal ACYW conjugate vaccine
Dupilumab(5) in Nasal Polyps
Isatuximab in Relapsed-Refractory Multiple Myeloma
Cemiplimab(3,4) in Basal Cell Carcinoma
Expected
proof of
concept
study
read-outs
SP0232(9) in RSV (prophylaxis)
ALX-0171 in RSV (symptomatic treatment)
SERD in metastatic Breast Cancer
Maytansin-loaded anti-CEACAM5 ADC mAb in Solid Tumors
(1) Acquired thrombotic thrombocytopenic purpura
(2) Table indicates first potential approval in the U.S. or EU
(3) In collaboration with Regeneron; U.S. sales not consolidated
(4) Also known as SAR439684 and REGN2810
(5) In collaboration with Regeneron
(6) The FDA action date for the Praluent®’s BLA is April 28, 2019; EMA approval of the Praluent® filing is
expected in Q1 2019
(7) Breakthrough designation granted, priority review pending
(8) In collaboration with Lexicon
(9) Also known as MDI8897, in collaboration with MedImmune
ADC: Antibody Drug Conjugate; CSCC: Cutaneous Squamous Cell Carcinoma; RSV: Respiratory Syncytial Virus; SERD: Selective Estrogen Receptor Degrader
2018 2019

6. • CAD associated with increased mortality as presented at EHA
• Approved in Europe for adults with aTTP
• U.S. FDA granted priority review with action date in Feb 2019
• Q2 sales: Eloctate® €176m, +20%(3), Alprolix® €81m, +6.6%(3)
6
Recent Cablivi™ EU Approval Continues Progress in
Building a Leading Rare Blood Disorder Franchise
ExpandOpportunityinRareBloodDisorders
ST-400
BIVV003(1)
Time
Sanofi Genzyme Rare Blood Disorder Franchise
BIVV001(2)
fitusiran
sutimlimab (BIVV009)
• Enrollment for ATLAS phase 3 program underway
• Positive phase 1/2a preliminary data presented as WFH late breaker
• Phase 1/2(1) study initiated in beta-thalassemia
CabliviTM (caplacizumab)
Extended Half-Life Hemophilia Products
aTTP: acquired Thrombotic Thrombocytopenic Purpura; CAD: Cold Agglutinin Disease;
EHA: European Hematology Association; WFH: World Federation of Hemophilia
(1) In collaboration with Sangamo
(2) Sanofi product for which Sobi has opt-in rights
(3) Growth rate at CS/CER
Other Rare Blood Disorders
Hemophilia A and B
• IND accepted by U.S. FDA for treatment in sickle cell disease

7. Screening 12 months with
cemiplimab(2)
Cemiplimab is Potentially the First anti-PD1 Indicated for
Advanced CSCC
• FDA action date of October 28, 2018
• EMA accepted MAA for cemiplimab in CSCC
for review on March 28th 2018
• 2nd most common skin cancer in U.S.(1)
• 200K to 400K new cases/year in the U.S.
• 5,000 to 13,000 metastatic or locally advanced
• ~35% may be immune compromised and ineligible for PD1
• Primary management is surgical
• No SOC and high patient burden in locally advanced and
metastatic disease
• Mortality: ~3,900-8,800 deaths/year in US(1)
(1) Karia PS et al. J Am Acad Dermatol. 2013;68:957–66
(2) This is a photo of one patient from the cemiplimab clinical development program.
Regulatory submissions for cemiplimab in the U.S. and EU are based on a combined analysis of data from an open-label, multi-center, non-randomized Phase 2 trial known as
EMPOWER-CSCC-1 (Study 1540) and two CSCC expansion cohorts from a multi-center, open-label, non-randomized Phase 1 trial (Study 1423). Individual results did vary.
7

8. Dupilumab’s Profile Demonstrated in Pivotal Asthma
Program Suggests Key Differentiation in Competitive Class
8
Biologics in
asthma
dupilumab benrazilumab mepolizumab reslizumab omalizumab tezepelumab
Mechanism of
action
 Dual inhibitor anti-
IL4/IL13
Anti-IL5R Anti-IL5 Anti-IL5 Anti-IgE Anti-TSLP
Population
studied
 All comers/
biomarkers
unrestricted
Eosinophilic
phenotype
Eosinophilic
phenotype
Eosinophilic
phenotype
High IgE
All comers/
biomarkers
unrestricted
Type 2
co-morbidities
 Atopic Dermatitis
 PoC in EoE, NP
n/a n/a n/a n/a n/a(1)
Dosing &
Administration
 At-home
administration,
Q2W
In office by HCP,
Q4W first 3
doses, then Q8W
In office by HCP,
Q4W
In office by HCP,
Q4W
In office by HCP,
Q2W or Q4W
TBD
The safety and efficacy of dupilumab in asthma, nasal polyps and eosinophilic esophagitis has not been evaluated by any regulatory authority
(1) As per Amgen Q3 2017 earnings call, tezepelumab Phase 2a study in atopic dermatitis failed to report statistical significance on its primary endpoint
FDA Action Date for sBLA in Asthma is October 20, 2018

9. 9
Progress in H1 2018 Advances Sanofi to New Growth
Phase Beginning in Second Half
• Q2 performance in line with expectations
• Impact from LoEs in the U.S. peaked in Q2
• Dupixent® growth trajectory on track
• Progress in building leadership in rare blood disorders
• FY 2018 Business EPS guidance now up +3% to +5%(1)
1
2
3
4
5
(1) At CER, barring major unforeseen adverse events